Slide 1: Presentation of Q3 2025 results
Presentation of Q3 2025 results Bergisch Gladbach, 12 November 2025
Slide 2: Agenda
Agenda Agenda 01 Business & financial performance Q3 2025 02 Performance of business segments Q3 2025 03 Guidance confirmed 04 Strategy EMPOWERING MITTELSTAND 05 Appendix: Segment and Group overview by quarter For further reading 06 Who we are 07 What sets us apart 08 Empowering M&A
Slide 3: Business and financial performance Q3 2025
Business and Financial Performance Q3 2025 Business and financial performance Q3 2025 3
Slide 4: Environment for German industry remains weak
Economic Conditions Q3 2025 Environment for German industry remains weak Economic conditions Q3 2025 Difficult market and competitive situation • German economy unable to shake off weakness: GDP stagnant in Q3 • US tariffs and structural issues impact negatively • Demand for capital goods remains lo
Slide 5: Adjusted EBITA margin hits 11% in Q3
Highlights INDUS Group per Q3 Adjusted EBITA margin hits 11% in Q3 Highlights INDUS Group per Q3 Group Guidance confirmed • Incoming orders 17% higher than in previous year • Highest quarterly revenue (EUR 437.4 million) in 2025 • 9M revenue (EUR 1.274 billion) on a par with previous year despite ch
Slide 6: Growing incoming orders in all three segments
Incoming orders INDUS Group Growing incoming orders in all three segments Order development INDUS Group 9M 2025 Incoming orders • Increase of incoming orders (EUR million) in Q3 in all three segments + 17% • Engineering: 1,429.0 strongest increase of 36%; larger proportion of incoming orders to 1,21
Slide 7: Stable total revenue
Revenue INDUS Group Stable total revenue Revenue INDUS Group 9M 2025 Revenue Outlook 2025 (EUR million) (EUR million) -1% 1,282.2 1,274.0 1,721.8 1.7 – 1.85 bn EUR -2% +1% -1% 410.1 402.4 429.0 434.2 443.1 437.4 Q1 24 Q1 25 Q2 24 Q2 25 Q3 24 Q3 25 Q3 24 Q3 25 FY 2024 FY 2025 YTD YTD 7
Slide 8: Upward trend of earnings over the course of the year
Earnings INDUS Group Upward trend of earnings over the course of the year Earnings INDUS Group 9M 2025 adj. EBITA / adj. EBITA margin Outlook adj. EBITA 2025 (EUR million / %) (EUR million / %) -11% 117.6 153.7 104.2 130 – 165 +10% -26% -22% 43.7 48.1 42.3 8.9% 7.5 – 9.0% 31.6 31.2 24.8 9.9% 9.9% 11
Slide 9: Only minor impairments in actual year
Adj. EBITA INDUS Group Only minor impairments in actual year Reconciliation of EBIT to adjusted EBITA 9M 2025 • Adjusted EBITA is calculated from RECONCILIATION OF EBIT TO ADJUSTED EBITA EBIT plus impairment and PPA difference amortization and less impairment Q1–Q3 2025 Q1–Q3 2024 absolute in % loss
Slide 10: Significant increase in Free Cash Flow
Free Cash Flow INDUS Group Significant increase in Free Cash Flow Free cash flow INDUS Group 9M 2025 +63.5 • Significat increase of free cash flow in Q3 2025 due increased operational Outlook > 90 m EUR results and positive cash effect from +30.7 decrease in working capital +66.6 +35.1 135.4 Q1-Q3 Q
Slide 11: Solid balance sheet for future growth
Balance Sheet INDUS Group Solid balance sheet for future growth Net debt, equity and equity ratio 9M 2025 Equity / Equity ratio Net debt and net debt/equity ratio (EUR million / %) (EUR million / %) +19.2 +44.6 700.0 711.7 719.2 689.2 635.1 590.7 586.0 541.4 38.7% 38.8% 37.8% 37.4% 92.2% 83.0% 81.5%
Slide 12: Performance of business segments
Performance of Business Segments Performance of business segments 12
Slide 13: Significant rise in incoming orders and two acquisitions
Highlights Engineering 9M 2025 Significant rise in incoming orders and two acquisitions Highlights Engineering 9M 2025 • Incoming orders up 35.5% on previous year • Segment earnings in Q3 (adjusted EBITA of EUR 12.4 million) clearly above earnings in previous quarters • Acquisition of HBS, its US su
Slide 14: Significantly rising incoming orders in Engineering
Order development Engineering Significantly rising incoming orders in Engineering Order development Engineering 9M 2025 Incoming orders Order backlog (EUR million) (EUR million) + 35% +33% (+114.8) 539.4 71.5 398.1 27.5 15.8 +56% +19% +32% 208.7 465.5 171.1 159.6 350.7 143.3 134.0 120.8 Q1 24 Q1 25
Slide 15: Difficult economic environment for Engineering
Revenue Engineering Difficult economic environment for Engineering Revenue Engineering 9M 2025 Revenue Outlook 2025 (EUR million) (EUR million) -5% 418.6 596.7 398.2 Slightly decreasing 0% -9% -5% 136.7 136.5 152.5 138.5 129.4 123.2 Q1 24 Q1 25 Q2 24 Q2 25 Q3 24 Q3 25 Q3 24 Q3 25 FY 2024 FY 2025 YTD
Slide 16: Gradually improving market dynamics over the year
Earning Engineering Gradually improving market dynamics over the year Earnings Engineering 9M 2025 Adj. EBITA / adj. EBITA margin Outlook adj. EBITA 2025 (EUR million / %) (EUR million / %) -22% 36.4 57.7 Moderately decreasing 28.3 -26% -37% +1% 16.8 9.7% 8 -10% 12.4 10.2 9.4 9.5 6.4 7.9% 6.9% 7.0%
Slide 17: Significant increase in earnings in Q3
Highlights Infrastructure 9M 2025 Significant increase in earnings in Q3 Highlights Infrastructure 9M 2025 • 9M revenue (EUR 453.5 million) and Q3 revenue (EUR 161.4 million) significantly higher than in previous year • In Q3 highest quarterly earnings (adjusted EBITA EUR 22.3 million) since beginni
Slide 18: Increase in incoming orders in Q3
Order development Infrastructure Increase in incoming orders in Q3 Order development Infrastructure 9M 2025 Incoming orders Order backlog (EUR million) (EUR million) +10% -2% 459.0 (-2.8) 417.2 -1.1 -12.1 10.4 +29% -8% +10% 165.7 162.9 173.8 149.4 137.8 133.5 147.4 134.3 Q1 24 Q1 25 Q2 24 Q2 25 Q3 2
Slide 19: Lively business in Q3
Revenue Infrastructure Lively business in Q3 Revenue Infrastructure 9M 2025 Revenue Outlook 2025 (EUR million) +7% 453.5 559.5 425.2 Moderately increasing +7% +9% +3% 131.9 136.4 144.9 155.7 148.4 161.4 Q1 24 Q1 25 Q2 24 Q2 25 Q3 24 Q3 25 Q3 24 Q3 25 FY 2024 FY 2025 YTD YTD 19
Slide 20: Positive performance in Q3
Earnings Infrastructure Positive performance in Q3 Earnings Infrastructure 9M 2025 Adj. EBITA / adj. EBITA margin Outlook 2025 (EUR million / %) (EUR million / %) -8% 53.2 63.6 Consistent 48.8 +9% - 17% 11.4% 10 -12% -22% 20.5 22.3 19.8 16.5 12.8 10.0 9.7% 13.7% 10.6% 13.8% 13.8% 12.5% 10.8% 7.3% Q1
Slide 21: Significant recovery in Q3
Highlights Materials Solutions 9M 2025 Significant recovery in Q3 Highlights Materials Solutions 9M 2025 • Positive margin development • Signs of recovery in some areas, such as agricultural technology • Stringent cost management • Certain pull-forward effects resulting from higher tariffs and expec
Slide 22: Incoming orders increased in Q3
Order developments Materials Solutions Incoming orders increased in Q3 Order development Materials Solutions 9M 2025 Incoming orders Order backlog (EUR million) (EUR million) +6% 0% 430.6 (0.0) 404.5 1.5 -3.0 1.5 -3% +7% + 17% 120.2 120.2 150.6 146.2 145.1 130.2 139.3 123.7 Q1 24 Q1 25 Q2 24 Q2 25 Q
Slide 23: Revenue just slightly below PY – PY including IMECO
Revenue Materials Solutions Revenue just slighty below PY – PY including IMECO Revenue Materials Solutions 9M 2025 Revenue Outlook 2025 (EUR million) (EUR million) -4% 437.8 421.8 564.8 Slightly decreasing -4% -4% -3% 148.6 142.5 147.2 141.9 142.0 137.4 Q1 24 Q1 25 Q2 24 Q2 25 Q3 24 Q3 25 Q3 24 Q3 2
Slide 24: Positive margin development
Earnings Materials Solutions Positive margin development Earnings Materials Solutions adj. EBITA / adj. EBITA margin Outlook 2025 (EUR million / %) (EUR million / %) -5% 41.5 49.9 39.5 Moderately decreasing -38% +30% +3% 16.6 16.4 7 – 9% 8.8% 12.4 12.8 12.6 10.3 11.3 % 11.9 % 9.5 % 8.3 % 9.0 % 7.3 %
Slide 25: Guidance confirmed
Guidance confirmed Guidance confirmed 25
Slide 26: Outlook for German economy remains subdued
Expectations for the Enonomic Outlook Outlook for German economy remains subdued Expectations for the economic outlook Recovery not before 2026 GDP Growth Forecast for 2025 • Current business situation remains negative • However, early indications of a more robust economy in the fourth quarter • Exp
Slide 27: 2025 expected to end as guided for the Group
Expected Group Perfomance FY2025 2025 expected to end as guided for the Group Expected Group performance FY 2025 Engineering Infrastructure Materials Solutions • Performance improved in Q3, • Good performance in Q3 • Siginificant recovery in Q3, due to but still burdened by thanks to broad positioni
Slide 28: Segment guidances – slightly adjusted
Guidance for the segments Segment guidances – slightly adjusted Guidance for the segments – November 2025 in EUR million Actual 2024 Last forecast – August 2025 Forecast – November 2025 Engineering Revenue EUR 596.7 million Slightly increasing revenue Slightly decreasing revenue Adjusted EBITA EUR 5
Slide 29: Group guidance confirmed
Guidance for the group Group guidance confirmed Guidance for the Group – November 2025 in EUR million Actual 2024 Last forecast – August 2025 Forecast – November 2025 INDUS Group Revenue EUR 1.72 billion EUR 1.70 to 1.85 billion EUR 1.70 to 1.85 billion Adjusted EBITA EUR 153.7 million EUR 130 to 16
Slide 30: Strategy: Empowering Mittelstand
Strategy: Empowering Mittelstand Strategy EMPOWERING MITTELSTAND
Slide 31: Our strategy comprises three growth drivers
Growth drivers Our strategy comprises three growth drivers EMPOWERING EMPOWERING EMPOWERING INTERNATIONALIZATION M&A TECHNOLOGY Expanding our M&A scope Investing around Formation of technology internationally EUR 500 million fields to leverage in acquisitions until 2030 growth opportunities Driving
Slide 32: International growth to enhance our resilience
Empowering internationalization International growth to enhance our resilience Empowering Internationalization • Expansion of manufacturing capacities in the US through acquisitions of METFAB and HBS’ subsidiary SUNBELT • Expansion of presence in Scandinavian markets through acquisition of ELECTRO T
Slide 33: Already five add-on acquisitions in 2025
Empowering M&A Already five add-on acquisitions in 2025 Empowering M&A KETTLER, Infrastructure Segment HBS GROUP, Engineering Segment Germany Germany and USA Manufacturer of components Developer and producer of and spindle extensions for stud welding equipment pipe systems including control systems
Slide 34: Expertise to support innovation and performance improvement
Empowering Technology Expertise to support innovation and performance improvement Empowering Technology – experts at INDUS • Closer cooperation among portfolio companies in technology fields strengthens the technological expertise of the Group Integration of vibration testing specialist M+P into m
Slide 35: Appendix
Appendix Appendix
Slide 36: INDUS Group Segment and Group Overview by Quarter
INDUS Group Segment and Group Overview by Quarter Appendix Segment and Group overview by quarter INDUS-Group Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 (in EUR million) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Revenue with external third 416.5 469.9
Slide 37: Engineering Segment and Group Overview by Quarter
Engineering Segment and Group Overview by Quarter Appendix Segment and Group overview by quarter ENGINEERING Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 (in EUR million) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Revenue with external third 120.4 149.4
Slide 38: Infrastructure Segment and Group Overview by Quarter
Infrastructure Segment and Group Overview by Quarter Appendix Segment and Group overview by quarter INFRASTRUCTURE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 (in EUR million) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Revenue with external third 139.5
Slide 39: Materials Solutions Segment and Group Overview by Quarter
Materials Solutions Segment and Group Overview by Quarter Appendix Segment and Group overview by quarter MATERIALS SOLUTIONS Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 (in EUR million) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 Revenue with external t
Slide 40: Engineering – At a glance
Engineering – At a glance Segment Engineering At a glance 16 portfolio companies Technology fields • Automation & Assembly Technology • Conveyor Technology • Flow Technology • Machine & Equipment Technology • Measuring & Surveillance Technology • Process Technology 40
Slide 41: Infrastructure – At a glance
Infrastructure – At a glance Infrastructure At a glance 14 portfolio companies Technology Fields • Cable and Building Entries & Infrastructure • Mobile HVAC Systems • Civil Engineering & Concrete • Building Components • Air Conditioning & Ventilation Technology • Construction Chemistry 41
Slide 42: Materials Solutions – At a glance
Materials Solutions – At a glance • 13 Companies in the Segment Materials Solutions At a glance 13 portfolio ompanies Technology Fields • Carbide Tools & Wear-Resistant Solutions • Components & Assembly Solutions • Surface & Enclosure Solutions • Medical & Rehabilitation Solutions • New Materials &
Slide 43: For further reading
For further reading For further reading 43
Slide 44: What sets us apart
What sets us apart What sets us apart
Slide 45: Buy & grow
Buy & grow Buy & grow Succession solutions for Mittelstand companies for 40 years • With our track record of finding tailored succession solutions for family-owned businesses, we have become a respected partner for owner-entrepreneurs. • The sellers often stay on board as minority shareholders to fa
Slide 46: Buy & grow
Buy & grow Buy & grow We buy and grow businesses with unique engineering capabilities and develop them further • We understand technology in more detail than others, even when they are niche technologies • We are engineers at heart. This is why we invest in companies with excellent products, process
Slide 47: Who we are
Who we are Who we are
Slide 48: Our Purpose
Our Purpose Our Purpose • At INDUS we know how to grow the power of Mittelstand. • We believe in entrepreneurs and successfully lead our investments in a values-based and reliable manner. • We love engineering and only invest in companies with excellent products, processes and services. • We trust o
Slide 49: We invest in the development of Mittelstand companies
The INDUS Group We invest in the development of Mittelstand companies – with the people who shape it. INDUS GROUP • Evergreen financial investor, listed on German SDAX • Succession of SMEs (small and medium-sized enterprises), often in family hands, with a joint transition period 30 • The transition
Slide 50: The Board of Management of INDUS
INDUS Board of Managements The Board of Management of INDUS Broad industrial expertise Segment management Central functions COO COO COO CEO CFO Engineering Infrastructure Materials Solutions Axel Meyer Dr. Jörn Großmann Gudrun Degenhart Dr.-Ing. Johannes Schmidt Rudolf Weichert 50 CONFIDENTIAL
Slide 51: Our passion is technology
Our passion Our passion is technology. We focus on three segments: Engineering Infrastructure Materials Solutions From software solutions From building components From micro optics to mechanical engineering to structural solutions to wear tools
Slide 52: Investing in a driving force of Mittelstand
INDUS Investment Case Investing in a driving force of Mittelstand INDUS Investment Case A diversified portfolio of medium- Strengthening portfolio resilience Growth through a dynamic sized companies with a focus on with international expansion acquisition program and organic sophisticated industrial
Slide 53: Continuity in attractive dividend policy
Dividend Policy Continuity in attractive dividend policy 5.9% 79.0% 5.4% 60.0% 51.9% ᴓ 3.8% 3.2% 3.6% 38.7% 38.4% ᴓ 48.8% 2.5% ᴓ 0.98 € 24.6% 2.1% 0.80 0.80 1.05 0.80 1.20 1.20 79.6 35.8 54.4 27.2 80.8 77.9 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Dividend* Dividend yield INDUS Ho
Slide 54: Anchor shareholders support the company's long-term course
Shareholder structure Anchor shareholders support the company's long-term course Current shareholder structure Shareholder structure as of August 14, 2025 (%) WKN/ISIN 620010/EN 000 620 010 8 3.5 Foundation/IPO 1986/1995 10.3 Financial year Jan. 1 to Dec. 31 5.8 Share capital EUR 69.9 million 4.8 Nu
Slide 55: Empowering M&A
Empowering M&A Empowering M&A
Slide 56: Acquisitions on two levels
Growth or Add-on acquistions Acquisitions on two levels Growth or Add-on acquisitions GROWTH ACQUISITIONS ADD-ON ACQUISITIONS Acquisition by Acquisition by INDUS Holding AG INDUS portfolio company (first level) (second level) Expansion of the INDUS portfolio Strengthening portfolio companies with ne
Slide 57: Empowering M&A with growth acquisitions in Europe
Investment criteria Empowering M&A with growth acquisitions in Europe Investment criteria Financial Criteria • Revenue: EUR 20–100 million • Adj. EBITA above 4 million EUR per year • Equity ratio > 30% • Cash flow orientation • Low level/no liabilities to banks Industrial Criteria • Broadly diversif
Slide 58: Empowering M&A with add-on acquisitions worldwide
Investment criteria Empowering M&A with add-on acquisitions worldwide Investment criteria • Greater leeway in investment criteria • Strengthening existing portfolio companies through Complementary products Presence in other regions • Creation of technology fields within a segment by combining th
Slide 59: Contact
Contact Contact Contact Name: Nina Wolf Department: Head of Corporate Communications Phone: +49 (0) 2204/40 00-73 Email: investor.relations@indus.de 59
Slide 60: Disclaimer
Disclaimer INDUS HOLDING AG Disclaimer This presentation was prepared by INDUS Holding AG (herein INDUS) and is intended for information purposes only. It constitutes neither an offer nor a solicitation to buy or sell securities and cannot be deemed a sufficient or suitable basis for making any deci